5 cities that millionaires call home

With few exceptions, Europe is the place to be if, for some reason, you’re looking for the best odds of sharing space with the world’s wealthy, according to a new study by Spear’s magazine in association with wealth consultancy WealthInsight.

“Favorable tax and outstanding location are important criteria for attracting clusters of millionaires,” said WealthInsight analyst Oliver Williams, “but so, too, is ready access to wealth managers and private banks.”

The study defines “millionaires” as individuals with net assets of $1 million or more, not including their primary residences. Here are the cities — some obvious, others not so much — with the highest percentages of those monied types as a proportion of the total population:

Rounding out the top 20, Europe still clearly dominates, but Asia becomes more prevalent with Singapore popping in at No. 8 and Hong Kong at 11. As for the U.S., Houston and San Francisco sneak in at 18 and 19, respectively.

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